The Economist UK Edition - November 20, 2021 PDF
Preview The Economist UK Edition - November 20, 2021
The next Afghanistan Why are the French so grumpy? Housing: don’t shun big landlords China’s Communist Party capitalists NOVEMBER20TH–26TH2021 The triumph of big government 012 High Jewelry Bravery Collection, Le Mythe Necklace. White gold, sapphires, emerald and diamonds. 012 012 COLLECTION BEIJING · DUBAI · GENEVA · KUALA LUMPUR · LAS VEGAS · LONDON · MACAU · MADRID MUNICH · NEW YORK · PARIS · SEOUL · SHANGHAI · SHENZHEN · SINGAPORE · TAIPEI · TOKYO · ZURICH 012 Contents The Economist November 20th 2021 5 Theworldthisweek Britain 8 Asummary of political 27 The struggling nhs andbusiness news 28 How racist is cricket? 30 Asian swing voters Leaders 30 The fizzy labour market 13 Bureaucracy unbound Big government 32 Family, place, destiny 14 Housing 34 Are freeports worthwhile? Blaming landlords 35 Bagehot Britain’s divided 16 Jihad in Africa establishment The next Afghanistan 16 Chile Europe Cautionary tale 37 The grumpy French 18 The metaverse 38 Belarus, Poland and the eu Onthecover Don’tmock it 38 AGeorgian hunger-strike As the state’s footprint 39 Germany’s nukes expands, how should classical Letters 40 Turkey and Cyprus liberals respond? Leader, 20 On vaccine passports, page 13. Why government gets maths, Western Sahara, 41 Charlemagne Europe’s bigger almost all the time: climate change, Joe Biden, last communists briefing,page 23 Frenchacronyms UnitedStates The next AfghanistanTo prevail Briefing 43 MacKenzie Scott’s against jihadists in the Sahel, the 23 Government spending philanthropy West must learn from past It just keeps growing 44 The Rittenhouse trial mistakes: leader, page 16.The fight against Muslim extremists 45 Booming Catholic schools is going badly in Mali, page 53 46 Puerto Rico, success story 46 Spending and voting Why are the French so 47 Lowering drug prices grumpy?The country is doing quite well, but doesn’t see it, 48 LexingtonPete Buttigieg’s page 37.Far-right ideas are impossible job gaining respectability in France. They have deep roots, page 85 TheAmericas 49 Divided Chile Housing: don’t shun big 50 Cuba’s squelched protest landlordsHostility towards private equity’s push into 50 Migrants in Chile property is misguided, leader, 51 BelloThe ambiguities of page 14.As housing costs rocket, Peronism governments take aim at investors, page 79 MiddleEast&Africa Communist Party capitalists 53 War in the Sahel China’s authorities are 54 Bombings in Uganda tightening their grip on the private sector, putting its Bartleby The business 55 Israel’s crime wave growth model at risk, page 67 phrasebook: a short guide 56 Tunisia’s rubbish to what your colleagues 56 Lebanon’s football fiasco really mean, page 69 →The digital element of your subscription means that you can search our archive, read all of our daily journalism and listen to audio versions of our stories. Visit economist.com Contents continues overleaf 012 6 Contents TheEconomistNovember20th2021 Asia Finance&economics 57 China’s propagandists 75 China and commodities court SouthEast Asia 77 Land of the falling price 58 The Philippines’ next 77 Germany’s debt brake president 78 ButtonwoodLessons 59 Gay rights in Japan from Baillie Gifford 59 India’s subsidy habit 79 Housing policies 60 Banyan Russia’s Asian 79 Financialising air miles ambitions 80 Ethiopia’s lost promise 81 Free exchangeHow Janos China Kornai saw communism 61 Building “sponge cities” 62 The spread of graffiti Science&technology 63 ChaguanThe 82 Covid19 reservoirs SinoAmerican ice age 83 Autism and gut bacteria 84 An antisatellite test International 65 After cop26 Books&arts 85 Farright ideas in France 86 Henry Kissinger on ai 87 Ahistory of the week 88 The Guggenheim Abu Dhabi Business 67 China’s Party capitalists 68 Shell mulls a move Economic&financialindicators 69 BartlebyDecoding 90 Statistics on 42 economies officespeak 70 The art market Graphicdetail 71 Builders of the metaverse 91 Britain's falsenegative covid19 tests had dire consequences 72 American railways 73 SchumpeterWalmart’s Obituary fightback 92 F.W. de Klerk, last president of apartheid South Africa Volume 441Number 9272 Published since September 1843 Subscription service to take part in “a severe contest between For our full range of subscription offers, including To manage your account online, please visit Please intelligence, which presses forward, digital only or print and digital bundled, visit: my.economist.com where you can also access and an unworthy, timid ignorance Economist.com/offers our live chat service which is available 24/7. obstructing our progress.” To call us, contact our dedicated service centre on Ifyouareexperiencingproblemswhentryingto 0080077112711or+44(0)2038686843. 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Financial Services Firm Reference Number: 597896. Lombard Odier Asset Management (Europe) Limited - authorised and regulated by the FCA in the UK. ©2021 Lombard Odier 012 Politics 8 The world this week TheEconomistNovember20th2021 Spookedbyrisingcovid19 ly). The late Marcos senior was Coronavirus data hospitalisations,Austria overthrown in 1986 amid huge introducedalockdownfor “People Power” protests. To6amGMTNovember 18th 2021 anyoneovertheageof12who Weeklyconfirmed cases by area, m hasnotbeenfullyvaccinated. Saif alIslam Qaddafi, a son of 3 About2mpeopleareaffected. the Libyandictator who was Austriahasoneofthelowest toppled and killed in 2011, UnitedStates Asia 2 vaccinationratesinwestern registered as a candidate for Other Western Europe.Germanyisconsider next month’s presidential Europe 1 ingnewrestrictions;inSaxony election. He is wanted on theunvaccinatedhavealready charges of war crimes by the 0 beenbarredfromnonessen International Criminal Court. 2020 2021 America’spresident, Joe tialshopsandotherlocations. Biden, held talks by video link A government panel found Estimatedglobal excess deaths, m with his Chinesecounterpart, Afteralengthyinvestigation, that the Nigerianarmy shot With95%confidence interval 17.3 Xi Jinping. It was the closest theManhattandistrictat dead at least 11 peaceful prot 10.7 20.0 thing to a meeting between the torney’sofficemovedtoexon esters in Lagos last year. The 5.1mofficial covid-19 deaths two men since Mr Biden took eratetwoofthemenconvicted victims were taking part in a office in January. Mr Xi told Mr ofassassinatingMalcolmXin rally against police brutality. Vaccinedosesgivenper100 people Biden that he was ready to 1965.Thedafoundthatprose The finding contradicts the Bycountry-incomegroup “take active steps” to improve cutors,thefbiandthepolice government’s claim that no Lowincome 7 relations between China and withheldevidencethatwould massacre occurred. Lower-middle 65 America. Mr Biden called for haveacquittedthetwomen, Upper-middle 138 cooperation “where our whowerereleasedinthe1980s At least 53 people were killed Highincome 144 interests intersect”, including (onehassincedied).Athird when jihadists attacked a Sources:JohnsHopkinsUniversityCSSE; on climate change. America’s manconfessedtothemurder security post in Burkina Faso. OurWorldinData;UN;WorldBank; TheEconomist’sexcess-deathsmodel national security adviser, Jake andspent45yearsinprison. On the other side of Africa four Sullivan, said the two leaders people were killed and many had agreed to “look to begin to AnAmericanjournalistwas more wounded by two suicide →Forourlatest coverage carry forward discussions on releasedfromjailinMyanmar bombings in Kampala, the pleasevisiteconomist.com/ strategic stability”. He on“humanitariangrounds”,a capital of Uganda; an affiliate coronavirus appeared to mean that Amer fewdaysafterhehadbeen of Islamic State claimed ica and China would explore sentencedto11yearsfor responsibility for that attack. talks on nucleararms control. unlawfulassociationand othercharges.DannyFenster Cuba’sgovernment arrested Somethingforeveryone A court in Hong Kong isoneoftheluckyones.Doz and threatened dissidents The cop26conference on sentenced Ma Chunman to ensofBurmesejournalists ahead of a planned nationwide climate change came to an nearly six years in prison for havebeendetainedsincethe “civic march for change” in the end. The final agreement violating the territory’s nation militarycoupinFebruary. communist state, thereby called for further pledges to alsecurity law by chanting suppressing the protest. reduce emissions next year to slogans calling for the territo November30thwassetasthe Dissidents had hoped to match try to put the world on track to ry’s independence. Mr Ma is datefortheverdictinthe big demonstrations in July. limit warming to 1.5°C. There widely known as Captain closeddoortrialofAungSan Hundreds were arrested then. were sidedeals on methane, America because he held a SuuKyi,Myanmar’sdeposed forestry and cars. Rich coun shield like the superhero’s at leader,onarangeofcharges Argentina’sruling Peronists tries promised, again, to protest rallies. includingcorruptionand lost control of the Senate for provide more aid to poor ones breakingsecrecylaws.The the first time since 1983. In to adapt their economies, but Russiaconducted an anti rulingjuntahasalsolaidnew midterm elections the oppo a plan to compensate devel satellite missile test that blew chargesagainstMsSuuKyiof sition won 42% of the national oping countries for the im up one of its own satellites. fraudinlastyear’sgeneral vote compared with 34% for pact of global warming was The debris it created forced the election,whichherpartywon. the Peronists. This was seen as stalled. India led a push to crew of the International Space a rebuff to the leftistpopulist water down a commitment to Station to take refuge in safety vicepresident, Cristina Fer end coal power. capsules. Worldwide It’safamiliesaffair nández de Kirchner. The re condemnation followed. Sara Duterte, the daughter of sults might help the notso Nine members of Insulate the president of the Philip- populist president, Alberto Britain, a green protest group, At least 2,000 migrants pines, Rodrigo Duterte, an Fernández, strike a deal with were jailed for three to six remained trapped at the Bela- nounced her candidacy for the imfover a debt of $43bn. months for defying court rus-Poland border.eucoun vicepresident, disappointing injunctions not to block busy tries have managed, however, her father who had hoped she Sixtyeight inmates were killed roads. The group’s zealous to persuade several airlines to would run to be his successor. amid gang warfare in a prison tactics have made life even stop ferrying people from the In the election, due in May, she in Guayaquil, a city in Ecua- more miserable for London’s Middle East to Belarus, where will be allied with Ferdinand dor. In September 119 convicts already frustrated drivers. The they have been lured by the Marcos junior, the son of a were killed in the same jail. judge said there was no Belarusian dictator’s false former dictator, who is run The heads of Ecuador’s prisons alternative to prison for the promise that they will be given ning for president (the vice and its armed forces resigned nine, given their intention to refuge in the West. president is elected separate after the latest violence. keep flouting the injunctions. 012 Business The world this week TheEconomistNovember20th2021 9 Shellannounced a big change plungedinthequarter,as rampinguppetrolpricesfor ofArm,aBritishchipdesign to its corporate structure, with globalsupplychainproblems profit,andaskedtheFederal er,inpartonnationalsecurity plans to move its tax residency hitthecountry’sexporters. TradeCommissiontoinvesti grounds.Nvidia,America’s from the Netherlands to Brit Consumerspendingalsofell gate.Thepresidentisunder mostvaluablesemiconductor ain, dump its dualshare struc amidaresurgenceofcovid19. politicalpressureasaresultof manufacturer,laterrevealed ture and remove the legacy surgingpricesatpetrolpumps. thatAmerica’sFederalTrade “Royal Dutch” from its legal Commissionhas“expressed Consumer prices name. The oil giant is under concerns”aboutthedeal, % change on a year earlier pressure to increase returns to Whatsupply-chaincrisis? whichisalsobeinginvestigat 6 investors. Relocating its tax Walmartreportedabumper edintheEuropeanUnion. Britain United States base to Britain gives it more 4 quarterforsales,andsaidits freedom on share buybacks. shelveswouldbefullystocked AstraZenecaislookingto 2 Shell is keeping several big fortheChristmasshopping make“modest”profitsfrom divisions, such as global up 0 season.Theretailerhasfound newordersofitscovid19 stream, in the Netherlands. Euro area thatshoppersaregradually vaccine.Thedrugmaker -2 Nevertheless the Dutch gov returningtoprepandemic produceditsvaccinein 2011 13 15 17 19 21 ernment said it was “unpleas habits,withmoreofthem collaborationwithOxford Source:Nationalstatistics antly surprised” by the news. visitingphysicalstoresthana University,andhasbeensell Britain’sannualinflationrate yearago.Targetissuedasimi ingitwithoutaprofitmargin Toshibalaid out formal pro jumped to 4.2% in October, the lar earnings report. (unlike rival firms). Its doses posals to split into three pub highest level in a decade and have been used mostly in licly listed companies, a move up from 3.1% in September. Just a week after its ipo, Europe, but also in developing that came soon after General This was mostly because of Rivian, a maker of electric countries, where it will still be Electric’s similar decision to higher energy costs and sup vehicles backed by Amazon, sold at cost. split. The Japanese conglomer plychain shortages, but a reached $153bn in market ate wants to house its nuclear, tightening labour markethas capitalisation, overtaking infrastructure and engineering added to inflationary pres Volkswagen in value. Its share Therighttobedisconnected businesses in one company, sures. The number of people in price then dived by 15%, wip News sites pored over the create an assetmanagement employment rose sharply in ing out its lead over vw. Lucid, recent approval of a law in firm that will oversee its tech October, allaying fears that which produces luxury electric Portugal that bans employers holdings in another, and start a many of the 1m still on the cars, passed Ford in market from contacting their staff new company for its chips and government’s furlough value. Rivian and Lucid have outside working hours, small devices. Some share scheme, which ended in Sep yet to make a profit, but in including by email. Compa holders want Toshiba to sell tember, would lose their jobs. vestors are betting that the nies will also have to pay some itself to a privateequity buyer Record jobvacancy rates companies’ shares will per of the cost of remote working, instead. persist, which often leads to form as well as Tesla’s, though such as an employee’s higher higher wages to attract staff. they could also be as volatile. energy bills, and cannot mon Meanwhile,Johnson & John- itor home workers in any way. son, another huge conglomer Joe Biden accused oil and gas The British government or Office workers in Portugal have ate, said it would spin off its companiesof “anticonsumer dered a full investigation into nothing to lose, it seems, but consumerhealth division into behaviour”, alleging they were Nvidia’sproposed acquisition their email chains. a separate business, leaving it to focus on pharmaceuticals and medical devices. Naturalgas prices surged in Europe again, after Germany’s energy regulator temporarily suspended its certification of the new Nord Stream 2pipe line, which is to transport Russian gas to western Europe. More Russian supplies would ease the continent’s energy crunch, but the regulator said that the pipeline’s operator was not in a “legal shape com pliant with German law”. Japan’s economyshrank by 0.8% in the third quarter com pared with the previous three months, a blow for Kishida Fumio, the new prime min ister, ahead of his announce ment of a big stimulus pack age. Business investment 012 012
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